Guideline Value for SOUTH PRAKARAM STREET

South Prakaram Street guideline value

The current guideline value of South Prakaram Street is Rs 3,700 per sq.ft, effective from 1 July 2024. This street is located in Thiruvottiyur village, under the Thiruvottiyur SRO, and is classified as Mixed Special Type - II.

How the guideline value of South Prakaram Street has changed

The guideline value for South Prakaram Street has undergone several revisions over the years. In 2002, the guideline value was Rs 413 per sq.ft, which increased to Rs 485 per sq.ft in 2003, marking a 17% increase. The value then rose significantly to Rs 900 per sq.ft in 2007, reflecting an 86% increase. By 2012, the value saw a substantial jump to Rs 3,400 per sq.ft, representing a 278% increase from the previous revision. However, this figure remained the same in the 2012 and 2017 revisions, before dropping to Rs 2,278 per sq.ft in 2017, which was a decrease of 33%.

In 2023, the guideline value increased to Rs 3,400 per sq.ft, and then it rose again to the current value of Rs 3,700 per sq.ft in 2024, marking a 9% increase. Overall, from 2002 to 2024, the guideline value has increased by 796%. There are no figures available for the revisions in years not listed.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 8,600 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of South Prakaram Street is above this median.

• South Mada Steet: Rs 3,700 per sq.ft (2024)
• Sowndarapandiyanar Nagar: Rs 3,700 per sq.ft (2024)
• Sornam Nagar: Rs 3,300 per sq.ft (2024)
• S.P.Koil Street: Rs 3,300 per sq.ft (2024)
• Somu Chetty Street: Rs 3,300 per sq.ft (2024)
• Somasundaram Nagar: Rs 3,700 per sq.ft (2024)

Stamp duty and registration fee for property in South Prakaram Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,700 per sq.ft, the total guideline value amounts to Rs 37,00,000. The stamp duty at 7% would be Rs 2,59,000, and the registration fee at 2% would be Rs 74,000, resulting in a total of Rs 3,33,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers South Prakaram Street?

The Sub Registrar Office that covers South Prakaram Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Thiruvottiyur

The guideline value is a critical factor in the registration process for property transactions in Thiruvottiyur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is essential for buyers to be aware of this value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of South Prakaram Street?

The current guideline value of South Prakaram Street is Rs 3,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 413 per sq.ft in 2002 to Rs 3,700 per sq.ft in 2024, reflecting an overall increase of 796% over the years.

What are the stamp duty and registration fees for properties on South Prakaram Street?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total costs would be Rs 3,33,000.

Which office handles registrations for South Prakaram Street?

The Thiruvottiyur Sub Registrar Office handles registrations for South Prakaram Street, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What are the guideline values for other streets in Thiruvottiyur?

Other streets in Thiruvottiyur have guideline values ranging from Rs 1,300 to Rs 8,600 per sq.ft, with the median being Rs 3,300 per sq.ft. South Prakaram Street's value is above this median.